Don’t Feed the Alligators

A Personal Finance Blog from a Small-Scale Landlord’s Perspective

Archive for the 'Marriage' Category

A young reader writes:

“My husband and I got got into an argument after I paid a bill that he says he was going to pay. Since we keep our finances separate, what’s a good way to manage our combined bills?”

Firstly, let me tell you how my wife and I handle our finances, and then I’ll give you some ideas about what you can do in your present situation.

Mrs. MITBeta and I have combined accounts for all of our banking and credit accounts. Both of our paychecks get deposited into our Money Market account along with rent that we collect from our investment property. Our budget is set up such that all of our fixed bills are paid out of our Checking account. Periodically I make transfers from Money Market to Checking to be sure that all the bills are covered (remind me to automate this…). Our discretionary expenses — things that we don’t have to spend money on but choose to — all go onto our rewards credit card. This balance gets paid monthly out of Checking. Additionally, the following accounts are all held jointly:

  • Mortgages
  • Car Loan
  • Some other credit cards
  • ING Direct Savings Account

The only accounts that we own individually are my remaining student loan, our 401(k) accounts, and obviously our Individual Retirement Accounts (IRAs). Read the rest of this entry »

If you liked this article, you may be interested in seeing some related articles: